Mortgage Rise in February
Tuesday, March 31, 2009 12:21
The number of home loans approved for house purchase jumped by 19% during February, rose up from 31791 to 37937, which is well above the six-month average of 31500 and become the highest level ever since May last year.
And according to Bank of England today, the borrowers repaid a record amound of debt. The consumers, who is concerned about the outlook for the economy and the threat of wage cuts or job losses, also made the biggest net repayment of loans ever since records began in 1993.
The gross mortgage lending by building societies was £1214 million in February, compared to £3861 million in February in the previous year. The positive mortgage figures prompted some economists to suggest that as buyers re-enter the market to snap up property bargains, the worst could be over in the property market.
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